It's entirely plausible, and not just in the wake of AMD/ATI. Nvidia's mobile work would mesh neatly with Intel's desktop/laptop line-up and their future APUs could do some serious damage. It's an article of faith with me that Intel pairs with Nvidia and, prior to their joining forces, AMD with ATI (and yes, I'm aware of the Nforce/AMD boards).
Still, it's only a rumour. But since we're past the BGA rumour - discuss!